Paradis(@ParadisLabs):Hedge funds are now >8% underweight tech vs. the MSCI World Index... Since the end of July, net exposure has come down almost entirely through new shorts while longs have remained steady... In other words 1 -- HFs haven't completely dumped long positions. In other words 2 -- HFs have hedged (who would've guessed it)...rather than totally capitulating on tech. In other words 3 -- Semis positioning is probably much cleaner for Q3 earnings vs. Q2. (Not totally clean though, Semis L/S @ ~3x vs. SaaS L/S @ ~1x). Interesting note via JPM today -- "We don't expect the rotation out of Tech to end abruptly, though its pace could moderate."

2026.10.19 16:25

Hedge funds are now >8% underweight tech vs. the MSCI World Index... Since the end of July, net exposure has come down almost entirely through new shorts while longs have remained steady... In other words 1 -- HFs haven't completely dumped long positions. In other words 2 -- HFs have hedged (who would've guessed it)...rather than totally capitulating on tech. In other words 3 -- Semis positioning is probably much cleaner for Q3 earnings vs. Q2. (Not totally clean though, Semis L/S @ ~3x vs. SaaS L/S @ ~1x). Interesting note via JPM today -- "We don't expect the rotation out of Tech to end abruptly, though its pace could moderate."

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